Donatella Versace: 'I am not going anywhere'

The 63-year-old Italian designer recently announced the eponymous fashion label - which was founded by her late brother Gianni Versace in 1978 - had been sold to US clothing and handbags group Michael Kors for a whopping $2.1 billion.

And although fans of the brand are worried the new parent company will take over the iconic Italian brand, Donatella - who is the vice president and chief designer at the label - has insisted 'Versace will remain Italian'.

According to Bloomberg, Michael Kors - which is changing its corporate name to Capri Holding Ltd - hope to more than double the Italian brands sales with $2 billion in revenue by selling more accessories and footwear under the Versace label.

In a statement released by Donatella earlier this week, the designer added: 'It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra.'

'I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves.'